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VOL. 127 | NO. 106 | Thursday, May 31, 2012

Closing Bank Account Will Cost You, Group Finds

PALLAVI GOGOI | AP Business Writer

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It could cost as much as $55 to close your bank account.

That's the finding of the advocacy group Consumers Union. The group surveyed the 10 largest banks in the country, including JPMorgan Chase, Bank of America, Citibank and Wells Fargo.

It found that people who want to close their accounts at big banks and switch to a smaller bank can face costly obstacles.

Consumers Union says none of the 10 banks will make a same-day electronic transfer, and all 10 charge for wire transfers or certified checks. Certified checks can cost up to $10 and wire transfers $30.

US Bank, Citi, HSBC, BB&T and PNC Bank charge customers a $25 fee to close an account that has been open for fewer than 90 or 180 days.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 143 381 16,005
MORTGAGES 148 432 18,480
FORECLOSURE NOTICES 0 34 2,439
BUILDING PERMITS 184 635 33,149
BANKRUPTCIES 59 237 10,250
BUSINESS LICENSES 37 110 5,288
UTILITY CONNECTIONS 16 108 6,256
MARRIAGE LICENSES 16 79 3,492